Finance news you need to know today

PRESIDENT Donald Trump has no intention of backing down on plans to impose tariffs on up to $US60 billion in Chinese goods.

THE Australian share market is expected to open lower, following a plunge in industrial metals prices and a two per cent fall on Wall Street on Friday.

At 0700 AEDT on Monday, the Australian share price futures index was down 51 points, or 0.88 per cent, at 5,743.

In the US on Friday, the Dow Jones index fell 1.77 per cent, and the broader the S & P 500 lost 2.10 per cent, as investors, increasingly nervous about a potential US trade war with China, shied away from risk assets.

WORLD FINANCE UPDATE:

WASHINGTON — US Treasury Secretary Steve Mnuchin says President Donald Trump has no intention of backing down and isn’t worried about a trade war despite threats of retaliation from China over US plans to impose tariffs on up to $US60 billion in Chinese goods.

SINGAPORE — Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asian business to bigger regional rival Grab, a source with direct knowledge of the matter says, in what would be the US company’s second retreat from Asia.

TOKYO — Japanese Prime Minister Shinzo Abe, his ratings in a slump amid a suspected cronyism scandal and cover-up, has apologised again for causing anxiety and loss of confidence in his government.

LOS ANGELES — Verified Facebook pages of Elon Musk’s rocket company SpaceX and electric carmaker Tesla have disappeared, minutes after the Silicon Valley billionaire promised on Twitter to take down the pages when challenged by users.

FRIDAY HIGHLIGHTS:

STEEL AUSTRALIA — Australia’s steel and aluminium industries have been shocked by US threats of import quotas and a renewed risk of import tariffs.

FRANCHISE INQUIRY — A federal parliamentary inquiry into the nation’s scandal-ridden franchise sector will delve into brand owners’ treatment of franchisees.

BANKS — Tightening of lending standards by banks to eliminate the kind of breaches revealed at the royal commission could result in a so-called “credit crunch” and a significant economic downturn, analysts suggest.

ACCC VOCUS — Internet service providers Dodo, iPrimus and M2 Commander will compensate almost 6,000 customers after admitting they likely breached consumer law by offering national broadband network speed plans they could not deliver.

TRANSURBAN — Australia’s Transurban has expanded its North American toll road operations into Canada, acquiring the A25 toll road and bridge in Montreal from Macquarie Infrastructure Partners for $C840 million ($A843 million).